Seoul: The government has announced plans to utilize all available resources to stabilize the nation's financial and foreign exchange markets following the unexpected declaration of martial law. The announcement was made by Finance Minister Choi Sang-mok, who also serves as Deputy Prime Minister for Economic Affairs, during an emergency meeting with key financial leaders.According to Yonhap News Agency, Choi stated, "We will utilize every possible measure to stabilize the financial and foreign exchange markets, including providing unlimited liquidity, to address potential market instability following the declaration of martial law." This assertion came during discussions with the heads of the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service late Tuesday.The South Korean won experienced a significant drop, reaching as low as 1,441 per dollar during offshore trading. This decline occurred shortly after President Yoon Suk Yeol's unexpected public address announcing mart ial law. The MSCI South Korea ETF also saw a decrease of up to 7 percent in early U.S. trading on Wednesday.Choi further indicated that the government will hold daily emergency meetings to address macroeconomic and financial concerns, aiming to establish a crisis management system. This initiative underscores the government's commitment to taking all necessary actions to safeguard national economic stability and prepare for any potential scenarios.In a related move, the industry ministry has conducted its own emergency meeting with senior officials. The focus was to review and discuss the implications on the economic and industrial fronts, as well as energy supply, following the martial law declaration. The ministry emphasized its dedication to closely monitoring developments across industry, trade, and energy sectors to mitigate impacts on the real economy.
- September 13, 2026
